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  1. #1
    Ali is offline
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    Default Sell or buy first?

    I'm wondering if it's better to sell your house first, then look for houses, or put a conditional offer in and then try to sell your house. What I worry about is if we sell our house and don't find something we like quickly enough, we might be out of a house. Is that possible?

    My other question is how quickly are houses selling in this market generally?

  2. #2
    Expert Forum User
    William & Emily's Mom's Avatar
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    Whether to sell or buy first is dependent upon why you are moving.

    If you are moving to find your dream home then it is best to buy first. If you are less choosey as to what you want in a new house then it may be better to sell first.

    I also think it depends further upon how you are as a buyer. In some cases I have had clients that walk into the first or second house that I show them and they are ready to buy it. Others have taken 40 plus homes before thay can reach a decision.

    The pros of selling first are that you know how much money you have to spend. You can go into you purchase with a cash offer (not conditional on the sale of your property). You won't need to be concerned with financing two mortgages. You're also not forced to reduce your sale price right away.

    The advantages of buying first are that you get the home you want. You can manage your closing dates so you don't end up homeless for a period of time.

    If you purchase a home conditional on the sale of your current property it is not a condition the seller typically wants and they usually try to remove the condition during negotiations. If a conditional offer is accepted the seller will still attempt to sell their home and you may be forced within a short period of time to firm up on the condition or walk away from the property should another buyer appear.

    The length of time properties are staying on the market has increased since last year but typically homes that are priced well are still selling relatively quickly.

    I can give you an average of how quickly homes are selling in a certain area of London if you would like to PM me the general area you live in.

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